Back in May, with the 2012 election still over a year away, many were ready to cancel it and hand Obama another four years. People believed the assassination of Osama bin Laden sealed his already likely victory. There was one big problem with this conclusion: when election time rolls around and people review a politician's time in office, the negatives stand out while the positives seems to disappear.
Look at George H.W. Bush's short and sweet term.
In March of 1991, following the successful Gulf War, Bush Sr.'s approval rating reached an all time high of 87 per cent and remained relatively high for the rest of the year, according to a Roper Center Public Opinion Archive . Many of the most qualified Democratic nominees felt their efforts would be wasted against the popular president and opted out of the race, as Nate Silver pointed out in a New York Times blog . By the 1992 election, however, recession had crept in and Bush Sr.'s approval rating had fallen to 30 per cent. Bill Clinton won decisively.
The reason for this dramatic change in opinion is obvious: people forget. In the midst of economic hardship, people will forget a leader's accomplishments and the positive ways in which he has impacted the country.
What people remember is losing their job months ago and having no prospects of reversing their unemployed status. People remember inflation that makes it impossible to provide for their family. People remember the foreclosure of their house. People remember their taxes are at an all time high and getting higher every day.
This is why bin Laden's death will not determine the results of the 2012 election.
Yes, following the news that American forces had killed the wanted terrorist, Obama's approval rating increased from 47 per cent to 56 per cent in a Pew Research Center poll , a number still much lower than the response to Bush Sr.'s Operation Desert Storm.
A recent Gallup poll regarding the 2012 election , however, revealed that 39 per cent of US voters plan to vote for Obama, while 44 per cent are already willing to commit their vote to any GOP candidate - and this is still in the wake of bin Laden's death.
It seems the hype has already begun its decline. Gallup's most recent poll of Obama's job approval  revealed the figure has fallen to 43 per cent. This suggests the 2012 election will not be ruled by foreign policy, and will instead be fought on domestic issues that affect voters everyday.
Granted the defeat of a sitting president is not the norm. There have been 35 elections in which an incumbent president has sought re-election, and 21 out of those 35 have been re-elected . Although victory over an incumbent president is somewhat unlikely, Obama's situation makes it no more unlikely than usual. These polling numbers paired with the 10 per cent unemployment, $4 per gallon gas prices, increasing healthcare disapproval are a sure sign that Obama is beatable.